Mr. Darren Hall reports

CALIBRE EXCEEDS THE HIGH-END OF 2023 PRODUCTION GUIDANCE, INCREASING GOLD PRODUCTION IN 2024 TO 275,000 – 300,000 OUNCES WITH SIGNIFICANT FUTURE GROWTH COMING FROM THE MULTI-MILLION OUNCE VALENTINE GOLD MINE IN CANADA

Calibre Mining Corp. has released its financial and operating results for the three months (Q4 2023) and year ended Dec. 31, 2023 (full year 2023). Annual consolidated financial statements and the corresponding management discussion and analysis for the year ended Dec. 31, 2023, can be found at SEDAR+ and the company's website. All figures are expressed in United States dollars unless otherwise stated.

Recent highlights

• Completed the acquisition of Marathon Gold to create a high-growth, cash-flow-focused, mid-tier gold producer in the Americas; with consolidated mineral endowment of over 4.0-million ounces of mineral reserves, 8.6-million ounces of measured and indicated mineral resources (inclusive of mineral reserves) and 4.0-million ounces of inferred mineral resources;
• Ore control drilling at the Valentine gold mine Leprechaun open pit intersected high-grade gold outside of the reported mineral reserves, adding additional tonnes;
• Positive drill results at the Valentine gold mine demonstrates strong exploration upside and potential for discovery and resource expansion;
• Additional bonanza grade drill results along the Panteon VTEM gold corridor within the Limon mine complex continue to confirm the potential for resource expansion in the region.

Full year 2023 highlights

• Fourth consecutive year of production growth with gold sales of 283,525 ounces grossing $550-million in gold revenue, at an average realized gold price of $1,942/ounce (oz);
• Cash on hand of $86-million, a 52-per-cent increase over end of year 2022, after a $40-million (Canadian) investment in Marathon Gold during Q4;
• Consolidated total cash costs (TCC) of $1,071/oz; Nicaragua $1,009/oz; and Nevada $1,429/oz;
• Consolidated all-in sustaining costs (AISC) of $1,228/oz; Nicaragua $1,134/oz; and Nevada $1,479/oz;
• Adjusted net income of $96.7-million, or 21 cents per share;
• Exploration success at Libertad yielded an initial mineral resource estimate at the Volcan gold deposit;
• Published the company's 2022 sustainability report, affirming the company's commitment to transparency and accountability, and joined the Mining Association of Canada, strengthening the company's commitment to responsible mining.

Darren Hall, president and chief executive officer of Calibre, stated: "With record production of 283,494 ounces, 2023 represented our fourth consecutive year exceeding guidance. Throughout the year the team delivered many milestones; including bringing two new mines into production, and numerous discovery and resource exploration drill results across the portfolio. Particularly exciting is the continued high-grade expansion results along the multikilometre VTEM Panteon gold corridor within the Limon complex. Year over year Calibre has reinvested into exploration and mine development setting up for sustainable production and growth.

"With production guidance of 275,000 to 300,000 ounces, 2024 marks our fifth consecutive year of increasing gold production. The recently completed acquisition of the Valentine gold mine in Newfoundland and Labrador is transformational as it will establish Calibre as a quality, mid-tier gold producer in the Americas.

"Our construction program, at the Valentine gold mine, remains on track with the critical SAG and Ball mills and motors, scheduled to arrive into the port of Argentia in Newfoundland and Labrador during February."

Consolidated Q4 2023 and FY 2023 financial review

Q4 2023 TCC and AISC were $1,136 per ounce and $1,317 per ounce respectively, as compared with $1,097 and $1,236 per ounce in Q4 2022. The higher TCC and AISC were largely due to higher cash costs for the Pan mine from a higher strip ratio and lower grade material mined and higher sustaining capital.

Full year 2023 consolidated TCC and AISC were $1,071 per ounce and $1,228 per ounce respectively, which is within 2023 guidance, compared with 2022 TCC of $1,129 and AISC of $1,259 per ounce. The lower TCC and AISC in 2023 relate to higher production mainly from Pavon Central and Jabali Antena mines. The higher AISC in 2023 relates to capitalized mining costs of La Tigra when the strip ratio was higher than the life of mine average.

Expenses and net income

For Q4 2023 and the full year 2023, corporate G&A (general and administrative) was $3.6-million and $12.3-million, respectively, compared with $2.8-million and $12.2-million for the same periods in 2022. Corporate administration was $800,000 higher in Q4 2023 than its comparable period mostly due to increased salaries and increased corporate administration fees.

The adjusted net income per share in Q4 2023 was five cents for basic (Q4 2022: three cents for basic). Full year 2023 adjusted basic net income per share was 21 cents for basic (full year 2022: 12 cents for basic).

Since acquiring the Nicaraguan assets from B2Gold in October, 2019, and the Nevada assets from Fiore Gold in 2022, and the Newfoundland and Labrador assets from Marathon Gold in 2024, Calibre has consistently reinvested into its exploration programs which has resulted in the discovery of new deposits, and production and reserve growth, all of which position Calibre to deliver on commitments and profitability to grow the business.

Calibre's 2024 guidance reflects, what is expected to be, the fifth consecutive year of annual production growth. Given its proven record, Calibre will continue to reinvest into exploration and growth with over 130,000 metres of drilling and development of new satellite deposits across its asset portfolio. The company has guided slightly higher AISC (all-in sustaining costs0 and significantly lower growth capital (excluding Valentine mine capital investment). Net total spend in 2024 is expected to be similar to that of 2023 which generated strong operating cash flow. Exploration is marginally higher than 2023, reflecting the additional $5-million to $10-million investment at the Valentine gold mine.

During 2024, consolidated production will be more weighted to the second half of the year while TCC, AISC and growth capital are forecast to be more weighted during the first half, however the exact timing of specific capital items may vary. Growth capital includes underground development at Panteon Norte and Atravesada, waste stripping, and land acquisition.

Calibre is advancing construction of the Valentine gold mine in Newfoundland and Labrador, Canada. Calibre will update shareholders and the market regarding capital, schedule and progress as information becomes available. With the anticipation of production during the first half of 2025, Valentine will become Atlantic Canada's largest gold mine and significantly add production growth to the company's consolidated and diversified production profile.

Q4 and full year 2023 financial results and conference call details

Fourth quarter and full year 2023 financial results will be released after market close on Tuesday, Feb. 20, 2024, and management will be hosting a conference call to discuss the results and outlook in more detail.

Date:  Wednesday, Feb. 21, 2024

Time:   10 a.m. ET

Instructions for obtaining conference call dial-in numbers:

1. All parties must register at on-line to participate in Calibre's Q4 and full year 2023 conference call.
2. Register by clicking a link available in the original version of this release and completing the on-line registration form.
3. Once registered you will receive the dial-in numbers and PIN number for input at the time of the call.

The live webcast and registration link can be accessed on the company's website under the events and media section under the investors tab. The live audio webcast will be archived and available for replay after the event at the company's website. Presentation slides that will accompany the conference call will be made available in the investors section of the Calibre website under presentations prior to the conference call.

Qualified person

Darren Hall, MAusIMM, president and chief executive officer of Calibre Mining, is a qualified person as set out under National Instrument 43-101 has reviewed and approved the scientific and technical information in this news release.

About Calibre Mining Corp.

Calibre is a Canadian-listed, Americas-focused, growing mid-tier gold producer with a strong pipeline of development and exploration opportunities across Newfoundland and Labrador in Canada, Nevada and Washington in the United States, and Nicaragua. Calibre is focused on delivering sustainable value for shareholders, local communities and all stakeholders through responsible operations and a disciplined approach to growth. With a strong balance sheet, a proven management team, strong operating cash flow, accretive development projects and district-scale exploration opportunities, Calibre will unlock significant value.

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